Tax Refunds Dampen State Revenue

Figures show November's net general revenue down 0.6% from the same month last year. But, individual income tax payments rose 8.5%, corporate income taxes jumped 31% and sales taxes were up 4%. However, November also saw a 150% increase in tax refunds the state paid compared with November of 2004. Office of Administration Commissioner Mike Keathley is investigating the cause, but has no answers yet. Through the first five months of this fiscal year, state revenues were up nearly 5%.